Another tough quarter for IBM, but don’t blame Ginni Rometty (yet)

April 21, 2015 12:00 PM

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When IBM chief executive Ginni Rometty took over Big Blue at the start of 2012, she inherited a company at the cusp of massive and painful transformation. It turns out that the turnaround has not only been massive and painful—it’s also been slow. On Monday IBM IBM announced that its first-quarter revenue declined nearly 12% from the same quarter a year ago, representing the 12th straight quarter of overall revenue decline. (Revenue was flat compared to last year when adjusted for “currency and divested businesses.”)

“In the first quarter we had a strong start to the year,” Rometty said in a release. “Our strategic imperatives growth rate accelerated, demonstrating the power of our offerings in these new opportunities and contributing to improved revenue performance. Our focus on higher value through portfolio t...